More Homes for Sale and Fewer Buyers – The New Challenge for Home Sellers
True, you may be kicking yourself for not selling your home last year when the market was hot and sellers had the advantage. But selling in a buyers’ market need not be a traumatic experience.
Just keep in mind that with more homes on the market and fewer buyers, impulse buying is virtually non-existent, so home buyers again need to be “wowed”.
Once again though, this dramatic shift in the real estate market shouldn’t worry you. The key is to anticipate what to expect, and prepare accordingly.
First and foremost — you need to “Stand Out From the Crowd.”
Your home MUST appear impeccable. When buyers set out to look at homes, they take all their dreams and images of the perfect home with them. The closer your home matches those images, the more likely the buyers will reward you with a great offer to purchase.
Secondly — you’ll need powerful marketing that emphasizes online advertising.
Recent surveys show that women – responsible for 80 percent of all household purchasing decisions – are abandoning newspapers and embracing the internet for their home search, and are “using newspapers to line the canary cage.”
So any amount of print or newspaper advertising will basically be a wasted effort.
Thirdly – your pricing must be within range of what buyers are willing to pay for a similar home.
Yes, you’ve read about this already on this site and you are likely to read more about it in the future. That’s because this subject can not be emphasized enough. If you’re either not able or not willing to price your home within such a range, I strongly suggest that you do not place your home for sale at all.
Even in a buyers’ market, your home should sell within the first three weeks in any of the prime Toronto neighbourhoods. If it does not sell, that means the market – namely, buyers and other agents – don’t agree with your price, and your home will be put on a shelf with all those other “stale listings.”
Important tip: Begin your selling efforts by hiring an experienced real estate agent with excellent people and marketing skills, and a keen knowledge of your neighborhood.
In my twenty-five plus years helping home buyers and sellers in central Toronto, I have experienced my share of slowdowns, recessions and market uncertainty.
Unsure as to what to do in this market? Simply send me an email, or call me: Rosalin Smith-Carr, at my direct line (416) 482-8330 ext. 3519
I found your blog on MSN Search. Nice writing. I will check back to read more.
Eric Hundin
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Hi Eric,
Delighted you visited.
Do please come back as I am regularly posting on the pulse of our Toronto housing market.